Does Sustainability Pay Off for European Listed Real Estate Companies? The Dynamics between Risk and Provision of Responsible Information

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urn:nbn:de:bvb:355-epub-246508 Copy

Cajias, Marcelo ; Bienert, Sven

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Date of publication of this fulltext: 30 May 2012 14:33

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Item type:	Article
Journal or Publication Title:	Journal of Sustainable Real Estate: JOSRE
Publisher:	American Real Estate Society
Volume:	3
Page Range:	pp. 211-231
Date:	2011
Institutions:	Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS > Kompetenzzentrum für Nachhaltigkeit in der Immobilienwirtschaft (Prof. Dr. Sven Bienert)
Interdisciplinary Subject Network:	Not selected
Related URLs:	URL URL Type http://www.costar.com/josre/ Publisher
Keywords:	Corporate Social Responsibility, Global Reporting Initiative, Idiosyncratic Risk, Ordered Probit Regression
Dewey Decimal Classification:	300 Social sciences > 330 Economics
Status:	Published
Refereed:	Yes, this version has been refereed
Created at the University of Regensburg:	Yes
Item ID:	24650

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Abstract

We follow the guidelines of the Global Reporting Initiative and the European Public Real Estate Association to investigate the quality of real estate-related sustainability information provided by European listed real estate companies in 13 countries. We find that human resources and stock price volatility play a significant role in the company’s strength with respect to corporate social ...

Abstract

We follow the guidelines of the Global Reporting Initiative and the European Public Real Estate Association to investigate the quality of real estate-related sustainability information provided by European listed real estate companies in 13 countries. We find that human resources and stock price volatility play a significant role in the company’s strength with respect to corporate social responsibility (CSR) activities. Business complexity and financial transparency enhance the provision of sustainable information to capital markets, but business experience does not appear to affect the decision ‘‘to go CSR.’’ Furthermore, the benefits of ex ante responsible activities are reflected in lower levels of idiosyncratic risk, but only for firms providing clear signals to investors and markets.

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Metadata last modified: 02 Jun 2018 22:50

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